UPDATED plans for the £200m redevelopment of a derelict site in Southampton have been unveiled.

A total of 600 new homes, 65,000 sq ft of office space as well as shops and 170 parking spaces could be built at the former Toys R Us site off Western Esplanade.

The initial proposals for 275 flats, restaurants , shops and cafes have been revised.

The new plans also include proposals for 23,000 sq ft of shops, 480 cycle spaces and 48,000 sq ft of hotel or office space.

The so-called Maritime Promenade, a new pedestrian link between Southampton Central railway station and Harbour Parade,  is also set to be part of the final plans.

If approved, the scheme could be completed by 2026 creating a total of 590 full-time jobs over the coming years.

A planning application is expected to be submitted to Southampton City Council by the end of this year.

It comes as cabinet members have granted a longer lease to Packaged Living which purchased the site earlier this year.

Details of the financial and commercial terms agreed have not been disclosed.

But an official report confirmed that the developer is set to fully fund the scheme and cover a majority of the council’s costs such as external legal fees and officer time.

It has also been confirmed that the city council will not fund the office block at the site.

The move comes as the previous Labour administration – which lost control of the council in May – pledged to invest £27m into a 70,000sq ft office building.

But last summer new council leader Cllr Daniel Fitzhenry branded the investment as “risky” and said the council had no intention to fund it. 

Cllr Jeremy Moulton, cabinet member for growth, said the new commercial and financial terms for scheme are “another positive step forward”.

He added: “It is brilliant that Packaged Living are able to bring the scheme forward without the need for council investment.

“We will continue to work with Packaged Living and use our influence as the landowner and planning authority to ensure this exciting, modern scheme is consistent with our corporate and social priorities for this area of Southampton.

“It is through projects like these that we will drive our economy and generate inward investment to get Southampton moving, creating more opportunities and prosperity for our city.”

If the plans are approved, work is expected to start next year.